Sinar Kamiri, an indirect subsidiary of Mudajaya Group Bhd, is a special-purpose vehicle set up to undertake the development of a 49-megawatt solar photovoltaic facility in Sungai Siput, Perak.

In a statement today, RAM said, the Tier-1 environmental benefit was based on the clear contribution of solar projects towards global carbon reduction under the 2 Degrees Scenario (2DS).

The 2DS was reaffirmed in the Paris Agreement during the 21st United Nation's Framework Convention on Climate Change Conference of the Parties where the goal was to limit global temperature rise to two degrees celsius when compared against pre-industrial levels.

RAM said the proceeds from the sukuk would be solely used for the design, construction, ownership, operation and maintenance of the project.

It said the project also had the potential to boost socio-economic growth of the surrounding community.